Idol previously ran Michael Kors through a major growth spurt as the brand transformed from small designer to a publicly traded force in the accessible luxury handbag market.

Now he’s taking direct control of a business in the midst of a major turnaround, while keeping his day job as chairman and CEO of parent company Capri Holdings, which also owns Versace and Jimmy Choo.

After 16 years as CEO of Michael Kors, Cedric Wilmotte is leaving the company. Philippa Newman will take on the role of chief product officer at Michael Kors following the changeover. As president of accessories and footwear, Newman has been with the brand for 14 years.

A $8.5 billion buyout by Coach-parent Tapestry Inc. in August 2023 would have created a powerhouse in the accessible luxury handbag market.Federal Trade Commission sued to stop the deal and won a preliminary injunction that was enough to stop the deal.

Michael Kors’ first-half revenue fell 15.2 percent to $1.4 billion as the case wound its way through court.

As Michael Kors focuses on marketing and rebuilding its core, 75 of the company’s 755 stores will close over the next two years.